Ford Buys Rover from BMW

By IBT Staff Reporter09/18/06 AT 11:09 AM

The Rover brand name is to be bought up by Ford Motor Co., from BMW, it was announced today. In a statement today a spokesman said, We feel it is in interests of our Land Rover business to have the Rover brandâ€¦We are acquiring it and we're not looking to sell it. We believe it is a valuable asset for us, reports Reuters.

Ford bought Land Rover from BMW in 2000, and have held onto the rights to buy the Rover name, a right they are now exercising.

Until Ford had exercised its right there was a belief that the name would be bought by Shanghai Automotive Industry Corporation, who already have the rights to build a two Rover vehicles.